The Life Insurance Corporation of India is the largest insurance provider in the country. Established in the year 1956 and currently having its headquarters in Mumbai, the Government of India is the owner of this public insurance company. The Life Insurance Corporation of India was formed by merging several private insurance corporations into one unified company.

In terms of performance, LIC is the best life insurance company in India. The company sells the greatest number of plans on a yearly basis thus placing them at the table. Life insurance, medical insurance, vehicle insurance, different types of investment plans, retirement plans etc. are some of the common plans that are bought. As of today, LIC India has the largest hold on market shares in insurance. You can also refer the top general insurance companies in India.

LIC at a Glimpse

The Life Insurance Corporation of India has established itself throughout the country. The company has the largest amount of money that is invested in it through customers and also sell the most number of plans in the course of a year.

• • LIC India is located in Mumbai which is the hub for trade and commerce in India.
  • The company has the largest recognition all over India with the greatest number of workers and agents under it’s wings.
  • LIC holds the greatest amount of share in the market.
  • Different policies are present that are based off of a wise spectrum of customer types. The plans and policies are so diverse in order to meet the needs and requirements of every single customer.
  • LIC India has one of the fastest claim settlement times among all other insurance companies that are present in India.
  • Policy and plan holders are exempted from tax in nearly all policies that are offered by the company.

LIC Term Plans

LIC India has term insurance plans for customers. These plans are like regular insurance plans that have a variety of features and inclusions. The premiums of the plans are low as compared to a normal insurance plans. The plan gives special benefits to the nominee of the insurance holder in the case of an unforeseen death. Once the plan matures, no maturity value is given to the insurance holder.

Due to the price of buying the plan and the premium that needs to be payed are all very low while the coverage of the plan is very high, many individuals prefer to buy this plan. The plan allows an individual to not only get a life insurance benefit for himself/herself but also guarantees the financial stability of the insurers family when the insured is no longer present. The plans are cheap which is the most attractive feature of the plan itself.

Why Buy a LIC Term Plan?

LIC term plans have their premiums and amounts decided depending on the age of the individual who is buying the plan. The younger the individual, the cheaper will be the terms insurance plan for him/her. Some reasons why a term insurance plan should be bought include:

• • A term insurance plan saves a lot of money. The term insurance plans are cheap to buy and the premium for the plans also do not hurt the pocket of the insured. Taking into account that there is no maturity value of the plan, the plan includes all the features of a life insurance plan. Term plans guarantee the safety of the individual and the family of the insured for the rest of their days while also being cheap. This is the prime reason why the plans are so popular among many.
  • The term insurance plan premium depends on the age of the individual. Young people are healthier compared to those who have aged. At a young age getting a life insurance cover that is not very expensive and which includes all the features of a health insurance plan is the most appealing feature of the plan. Term insurance plans allow the insured to be worry-free for health insurance throughout their lives.

LIC e-Term Online Plan

In the age of the internet and technology, nearly all insurance plans can be bought on the internet. The premiums for the plan and other payments for maintaining the plan can also be done on an online platform. Similarly, a term insurance plan can also be bought off of the internet from the official LIC website in minutes. An online term insurance plan by LIC is known as an e-Term plan.

Features and Benefits of LIC e-Term Online Plan

The plan has a number of features and benefits such as:

1. 1. The minimum age for any individual to buy this plan is 18 years while the maximum age for the same is 60 years.
   2. The plan can mature in a matter of 10 years or 35 years. The maturity of the plan depends on the age of the individual who is buying the plan.
   3. Depending on the sum that is assured to the insured, the minimum and the maximum annual premium for the plan can be easily calculated.
   4. The plan has a grace period of 30 days after which the plan will lapse.
   5. A lapsed policy can be renewed within 2 years.
   6. This plan can either be taken for a single individual or for a family.
   7. The maximum age for the plan to cover an individual is 75 years.
   8. Trail period for this policy is also available for customers. If customers return the policy then the premium for the policy is returned back to the individual. This trial period is up to 30 days.
   9. The minimum amount of money that is assured from an e-term policy is Rs. 25 lakhs for those who smoke while it is Rs. 50 lakh for non-smoker customers.
   10. At the time of an untimely death of the insured, the entire sum assured is paid to the nominee of the insured.

Since the term insurance plan by LIC is an online plan, the application for the policy and all other necessary details are filled on an online platform. There is no need for the customer to come to a LIC office or go through an agent for the same. On an online basis, customers can also track the progress and know their LIC policy status along with the necessary details for the same.

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